Vietnam Physiotherapy Equipment Market Report 2023 to 2030

Vietnam Physiotherapy Equipment Market Analysis

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The Vietnam Physiotherapy Equipment Market was valued at $104.50 Mn in 2023 and is predicted to grow at a CAGR of 7.43% from 2023 to 2030, to $172.58 Mn by 2030. The key drivers of this industry include the rising prevalence of chronic diseases, expanding geriatric population, and advancements in technology. The key players in the industry are Viet Tan Co. Ltd, BTL Industries, Sagomed, and J&V Medical Instrument among others.

ID: IN10VNMD024 CATEGORY: Medical Devices GEOGRAPHY: Vietnam AUTHOR: Avantika Gupta

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Vietnam Physiotherapy Equipment Market Executive Summary

The Vietnam Physiotherapy Equipment Market is at around $104.50 Mn in 2023 and is projected to reach $172.58 Mn in 2030, exhibiting a CAGR of 7.43% during the forecast period.

Physiotherapy equipment refers to the instruments that physiotherapists use to help cases recover from accidents, operations, or habitual conditions. These include exercise cycles, ultrasound machines, and resistance bands. The utilization of physiotherapy equipment can help reduce the level of care required for these patients.

Musculoskeletal conditions encompass a wide range of conditions and conditions affecting the muscles, bones, joints, and connective tissues, leading to pain, mobility limitations, and reduced functioning. These conditions include low reverse pain, neck pain, fractures, osteoarthritis, amputations, rheumatoid arthritis, and other musculoskeletal issues. Musculoskeletal diseases affect limited mobility and are a significant cause of disability. Furthermore, the rising prevalence of neurological disorders in the population is the primary driver behind the increasing demand for neurology rehabilitation physiotherapy equipment. The most commonly utilized physiotherapy interventions for elderly individuals with neurological disorders include balance and gait training, occupational therapy, traditional physiotherapy techniques, walking and treadmill exercises, and upper limb robot-assisted therapy.

The market therefore is driven by significant factors like the aging population and the rising prevalence of cardiovascular, neurological, and musculoskeletal diseases. Advancements in technology, awareness of physiotherapy benefits, and increasing healthcare spending also play a key role in market growth. However, limited accessibility to specialized physiotherapists, high cost of physiotherapy equipment, and strict regulatory approval restricts the potential of the market

The leading pharmaceutical companies include Viet Tan Co. Ltd and BTL Industries for physiotherapy equipment. Enraf-Nonius BV and J&V Medical Instrument are also significant contributors to the physiotherapy equipment landscape, with continuous research and development activities.

Vietnam Physiotherapy Equipment Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Rise in Geriatric Population: Musculoskeletal pain affects 14.5% of the population overall, with osteoarthritis being the predominant form of arthritis. Geriatric physiotherapy has become increasingly important due to the elderly experiencing multiple co-morbidities like cardiovascular decline, visual and hearing impairments, and diabetes. Manufacturers are responding by heavily investing in advanced physiotherapy equipment aimed at alleviating suffering. The prevalence of age-related physical and psychological ailments is expected to rise in the future.

Awareness of Physiotherapy Benefits: People are recognizing the value of physiotherapy for managing pain and improving mobility. This shift in perception is fueling a surge in demand for physiotherapy equipment. Hospitals and clinics are seeking tools to deliver these services effectively, while individual patients might invest in home equipment for rehabilitation exercises. This trend presents a promising opportunity for physiotherapy equipment suppliers in the Vietnamese market.

Increasing Healthcare Spending: Vietnam's rising healthcare expenditure, driven by economic growth and government initiatives to improve healthcare access, is supporting the adoption of physiotherapy equipment.

Market Restraints

Lack of Skilled Physiotherapists: The lack of skilled physiotherapists and healthcare providers hinders the application of physiotherapy equipment due to patients' inability to receive proper operation from untrained professionals. The adoption of new technologies is hindered, particularly in remote locations.

Price Sensitivity: Vietnamese consumers, especially in rural and lower-income areas, are price-sensitive, which limits the adoption of more advanced and expensive physiotherapy equipment.

Regulatory Obstacles: The restrictive regulatory framework overseen by the Ministry of Health (MOH) deters new companies from entering the market and stifles innovation. Navigating the MOH's approval process can be lengthy and bureaucratic, limiting the availability of cutting-edge equipment for Vietnamese physiotherapists and patients.

Regulatory Landscape and Reimbursement Scenario

Department of Medical Equipment and Construction (DMEC) under the Ministry of Health (MOH) is responsible for regulating medical devices in Vietnam. Vietnam follows a risk-based classification system for medical devices, with four classes: A, B, C, and D. Class A devices have the least risk, while Class D devices are associated with the highest risk. The regulatory control over Class A devices is minimal, while Class D devices undergo a rigorous evaluation process.

The Vietnam health insurance scheme reimburses patients for 80 to 100% of the cost of primary services and 40% of the cost of secondary services. Private insurance companies in Vietnam also offer reimbursement for physiotherapy services, but the extent of coverage and reimbursement rates vary depending on the specific insurance provider and policy.

Competitive Landscape

Key Players

Here are some of the major key players in the Vietnam Physiotherapy Equipment Market:

Viet Tan Co. Ltd
HMS Medical Systems
BTL Industries
ITO Co. Ltd.
Enraf-Nonius B.V.
Hoang Loc M.E Medical Equipment Company Limited
Sagomed
J&V Medical Instrument
DJO Global
Zynex Medical Inc.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Vietnam Physiotherapy Equipment Market Segmentation

By Equipment

Hydrotherapy
Electrotherapy
Cryotherapy
Continuous Passive Motion Units
Multi-exercise Therapy Unit
Heat Therapy
Shockwave Therapy
Laser Therapy
Traction Therapy
Ultrasound
Other Equipment Types

By Application

Cardiovascular and Pulmonary
Neurological
Musculoskeletal
Paediatric
Other Applications

By End User

Hospitals
Physiotherapy & Rehabilitation Centers
Home Care Settings

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.